Truist Financial Corporation $TFC Shares Bought by Cardinal Capital Management

Cardinal Capital Management increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 205,319 shares of the insurance provider’s stock after acquiring an additional 6,506 shares during the quarter. Truist Financial makes up about 1.3% of Cardinal Capital Management’s portfolio, making the stock its 22nd biggest holding. Cardinal Capital Management’s holdings in Truist Financial were worth $8,827,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Wealth Preservation Advisors LLC acquired a new position in Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR lifted its holdings in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 580 shares during the last quarter. Motco lifted its holdings in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC lifted its stake in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TFC. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Morgan Stanley restated a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $48.47.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by company insiders.

Truist Financial Trading Down 1.2%

TFC opened at $45.44 on Tuesday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a market cap of $58.59 billion, a P/E ratio of 12.38, a PEG ratio of 1.71 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The business’s 50-day simple moving average is $45.01 and its 200-day simple moving average is $41.76.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. As a group, equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.